Buying real estate: foreigners overtook the locals.
Buying real estate: foreigners overtook the locals
According to the data of the land cadastre of Cyprus from the beginning of this year more than two thousand contracts of sale of housing, commercial real estate and land plots were signed, which is more than 40 percent more than last year’s same period. At the same time 1,084 transactions (50%) were carried out by foreigners. Paphos is the most popular city for investing funds among foreigners (430 contracts). The second place is Limassol (337 contracts). The third place is Larnaca (156 contracts). The fourth and fifth places are divided between Famagusta (107 contracts) and Nicosia (54 contracts). During the first quarter of this year, the number of sales contracts increased by more than 40% (2129) compared to the same period in 2017 (1505). The best growth was shown by free territories of Famagusta (75%). Nicosia (64%), Limassol (47%), Paphos (45%) and Larnaca (only 4%) follow.
At the moment, the real estate market in Cyprus is very active, with a good response from buyers: houses and apartments with an optimal price-quality ratio diverge quite quickly. Timely investment in Cyprus real estate opens up the possibility of business diversification and guarantees a stable income. Taking into account the time factor, popular wisdom […]
Grounds for obtaining a Pink Slip in Cyprus for foreign citizens. To obtain a Pink Slip residence permit in Cyprus, at least one of the following conditions must be met: In order to obtain a Pink Slip residence permit with the possibility of its subsequent extension, it will be necessary to submit the relevant documents […]
If this is your first transaction in Cyprus, it is better not to take risks and act through a realtor or organization. You can contact our experts for advice and direct assistance. Remember that the independent execution of all papers is a long, complicated and often incomprehensible process. Documents in a foreign language are perceived […]
Buying a property is still the most profitable investment in Cyprus. This is because local residents have no other alternatives where they could invest money. By the way, interest rates on deposits remain at a very low level: 1.29% for individuals and 1.27% for legal entities. In turn, the Cyprus Stock Exchange also offers a […]
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